公司理財(第七版)

CorporateFinance

SchoolofInternationalTrade&Economics

ProfessorShaoXueyan

課程宗旨

創(chuàng)造財富謀之有道取之有術(shù)管之有方

學習方法

學而不思則罔思而不學則殆

選自《論語》哈佛學生學習不是與未來就業(yè)相匹配的，他們學的東西可能與他們將來所要做的工作完全不一樣。廣泛的知識面、有專業(yè)技能、有一定的遠見、有能力在職業(yè)生涯中繼續(xù)學習是哈佛對學生的培養(yǎng)目標。大學能做的最重要的事是，學生從學校畢業(yè)50年以后，學生還能順應時代的發(fā)展變化而繼續(xù)學習、進取、改變，這將能造就社會的領(lǐng)導者。——哈佛大學榮譽校長陸登庭教授于北京首屆中外大學校長論壇參考書目

1.《公司理財》（第五版，雙語教材）

理查德.A.布雷利等著中國人民大學出版社．

2.《公司理財》（第九版，雙語教材）

斯蒂芬.A.羅斯等著機械工業(yè)出版社3.《財務報表分析》（技巧.策略)戴欣苗編著

清華大學出版社．4.《上市公司虛假會計報表識別技術(shù)》劉姝威經(jīng)濟科學出版社5.《現(xiàn)代公司理財》姚益龍中山大學出版社6.《沃倫巴菲特的投資組合》[美]羅伯特.哈格斯特朗機械工業(yè)出版社7.《百萬富翁的智慧》[美]托馬斯.J.斯坦利博士中國大百利全書出版公司8.《公司理財》（第二版）蔣屏編著

清華大學出版社2013年4月InvestmentandFinancingDecisionsTomakecorporateinvestmentorfinancingdecisionCapitalBudgetingDecisionDecisiontoinvestintangibleorintangibleassets.…alsocalledtheInvestmentDecisionInvestmentandFinancingDecisionsThenatureofcapitalinvestmentdecisions◆

Makinganoutlayimmediatelyvs.Yieldingbenefitsinthedistantfuture.◆Asinglelargeamountofoutlayvs.Astreamofsmalleramountofcashinflows.◆Itisdifficulttowithdrawfromaninvestment.◆Timeisvitaltoinvestmentdecision–making

Capitalinvestmentaffectstheamountoffuturecashflowsgenerated,thetimingofthosecashflows,andthevariabilityorriskofthosefuturecashflowsandthus,thevalueorworthofthecapitalbudgetingdecisions.InvestmentandFinancingDecisionsInvestmentandFinancingDecisionsFinancingDecisionRaisingmoneythatthefirmneedsforitsinvestmentsandoperations.Determiningtheamount,maturityandtypeoffundsraisedinfinancialmarkets.CapitalStructureThemixoflongtermdebtandequityfinancing.1-12InvestmentandFinancingDecisionsTheInvestmentDecisionRealAssetsTheFinancingDecisionFinancialAssets1-13InvestmentandFinancingDecisionsArethefollowingcapitalbudgetingorfinancingdecisions?Appledecidestospend$500milliontodevelopanewiPhone.GEborrows$400millionfrombondinvestors.Microsoftissues100millionsharestobuyasmalltechnologycompany.1-14GoalsandGovernanceoftheCorporationThischapterintroducesthecorporation,itsgoals,andtherolesoffinancialmanagers.Source:U.S.Census2008SUSBAnnualData1-15WhatisaCorporation?Corporation-Abusinessorganizedasaseparatelegalentityownedbystockholders.TypesofCorporations:PublicCorporationsPrivateCorporationsWhatisaCorporation?PublicCompanies:Sharesareavailableforpurchasebyanyinvestors,haveabroadbaseofshareholdersandhaveprofessionalboardsandmanagement.PrivateCorporations:Sharesarenotavailableforpublic,areownedbysmallgroupsofmanagersandinvestors.LimitedLiabilityCompanies(partnership):Generalpartners&Limitedpartners1-17BenefitsoftheCorporationLimitedliabilityInfinitelifespanEaseofraisingcapital1-18DrawbacksoftheCorporationCorporationsfacetheproblemofdoubletaxationImpropercorporatestructuresmayleadto“AgencyProblems”WhatIsaCorporation?GoalsofTheCorporation*Productionmaximization*Incomesmaximization*Profitmaximization*Shareholders’wealthmaximization

*Socialresponsibility1-21GoalsofTheCorporationShareholderswantwealthmaximizationWealthmaximizationvs.profitmaximization:Pitfall:Profitsfromwhichperiod?Pitfall:CuttingdividendstoincreasecashreservesGoalsofTheCorporationShareholdersdesirewealthmaximization

Shareholders’Wealth

Maximization

OrdinaryShare

CurrentMarketValue

ExpectedFutureCashflows

ExpectedDividends&SharePriceGoalsofTheCorporation

wealthmax.vs.profitmax.*cashflow:accountingprofit*long-termreturns:short-termreturns*marketprice:differentaccountingrules*considertime&risk:ignoretime&risk1-24TheEthicsofMaximizingValueDoesvaluemaximizationjustifyunethicalbehavior?Recentexamples:EnronWorldComBernardMadoff1-25AgencyProblemDomanagersreallymaximizevalue?AgencyProblemsManagersareagentsforstockholders,butthemanagersmayactintheirowninterestsratherthanmaximizingvalueShareholdersvs.Stakeholders1-26AgencyProblemDifferentInformationStockpricesvs.returnsDividendPolicyFinancingDecisionsDifferentObjectivesManagersvs.shareholdersTopmanagersvs.lowermanagersStockholdersvs.banksandlenders1-27AgencyProblemSolutionsCompensationplansBoardofDirectorsBlockholders1-28AgencyProblemSolutionsTakeoversSpecialistMonitoringLegalandRegulatoryRequirements1-294A.Cashreinvestedinthefirm4B.CashreturnedtoinvestorsRoleoftheFinancialManagerFinancialManager(1)(2)(3)(4a)(4b)RealassetsInvestorsFinancialAssetsFirm’sOperationsCashraisedfrominvesto